In a recent call made by the residents of Chandigarh requesting the UT administration to lift the interdict allowing the owners of leasehold properties to mortgage them for obtaining loans for different purposes as the large number of properties on leasehold are getting affected by this ban in the city. The buyer is forced make the entire payment from his own resources which clearly impacts the sale. The representation to the finance secretary regarding the same has been made by Property Consultants Association of Chandigarh, Panchkula and Mohali.
Kamaljit Singh Panchi, chairman of the association requested the administration to lift the ban keeping the public interest at large as residents are left with no choice at the time of securing loan as the properties to them are of no use. The association has also requested some other benefits for the owners of leasehold properties such as allowing habitable use of basements in commercial buildings. Previously, the habitable use of basements of shop-cum-offices (SCOs) was permissible with certain conditions such as two staircases and the basement should be fully air conditioned. At present, basements can be used only for storage. The residents also urged for abolition of 3% stamp duty on general power of attorney with powers to sell within blood relations. Collector rates has also been asked to reduced as it is considerably high in Chandigarh and recently it was reduced by 10% and 5% in commercial and residential categories, respectively.
Courtesy/By: Saumya Singh
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09 May 2018
